California Government Code 43782 – Before ordering the cancellation, by ordinance the legislative body …
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Before ordering the cancellation, by ordinance the legislative body shall:
(a) Determine that the public interest and welfare will be best served by the cancellation of all or part of the principal and interest of the bonds.
Terms Used In California Government Code 43782
- City: includes "city and county" and "incorporated town" but does not include "unincorporated town" or "village. See California Government Code 20
- legislative body: means board of trustees, city council, or other governing body of a city. See California Government Code 34000
(b) Designate the issue of bonds to be canceled or the principal amount, numbers, and denominations of the bonds proposed to be canceled, if less than all.
(c) Fix the time and place of the proposed cancellation. The ordinance is subject to referendum as other ordinances of the city.
(Added by Stats. 1949, Ch. 79.)